multi-insurance policy's

[rodknock]

i am planing to purchase a motorbike and would like to know if it is ok to buy two policy's(1st.class) for the motorbike and are the company's required to pay on both policy's.

[stevenl]

i am planing to purchase a motorbike and would like to know if it is ok to buy two policy's(1st.class) for the motorbike and are the company's required to pay on both policy's.

You're welcome to buy. In a policy you will normally find a clause 'if a similar policy exists, that policy will be first'. So buy 2, only 1 will pay.

[rodknock]

thanks for the info.

[Suradit69]

i am planing to purchase a motorbike and would like to know if it is ok to buy two policy's(1st.class) for the motorbike and are the company's required to pay on both policy's.

You're welcome to buy. In a policy you will normally find a clause 'if a similar policy exists, that policy will be first'. So buy 2, only 1 will pay.

Or they have a "contribution clause"

I expect attempting to profit from multiple claims for the full amount of loss from multiple insurers would be considered fraud. Most likely insurers share information about claims requests based on police reports.

Most insurance policies have 'contribution clauses' which state that, if cover is provided by another insurance product and a claim is made, each respective insurer would only pay their share of the claim.

Edited October 18, 2015 by Suradit69

[taotoo]

i am planing to purchase a motorbike and would like to know if it is ok to buy two policy's(1st.class) for the motorbike and are the company's required to pay on both policy's.

You're welcome to buy. In a policy you will normally find a clause 'if a similar policy exists, that policy will be first'. So buy 2, only 1 will pay.

It sounds like neither will pay!